February 2008/5

Diversification costs have failed to dampen Bermudian reinsurer Montpelier Re Holdings 2007 profits.

German financial services giant Allianz AG's 2007 financial year results hit a historical high, with net income increasing 13.5 percent to EUR8bn accompanied by a proposed 45 percent dividend hike to EUR5.50 per share.

Joseph Brown has been re-appointed as chairman and CEO at beleagured monoline bond insurer MBIA Corp.

Benfield Group must downsize in order to survive as the development of the insurance linked securities market reduces the traditional role of reinsurance intermediaries, according to Panmure Gordon & Co analyst Barrie Cornes.

The elusive value of acquisitive intermediary Towergate Partnership could be starting to crystallise after reports that executive chairman Peter Cullum is in talks to sell a 25 percent stake to a private equity group.

The US Supreme Court has refused to hear an appeal in one of the wind versus water cases spawned by Hurricane Katrina.

Swiss Re has joined a growing pool of major market players setting up as admitted carriers in the deregulated Brazilian market.

The Council of Lloyd's has invited chairman Lord Peter Levene to remain at the Corporation for an unprecedented third term.

Munich Re beat its increased profit projections for 2007 as it booked a consolidated result of EUR3.9bn for the year, up 11.9 percent on 2006.

Lloyd's (re)insurer Advent Capital Holdings PLC has seen net income rise to £19.2mn and has maintained a strong return on equity despite increasingly competitive market conditions.

Commercial property insurer FM Global has seen 2007 net income jump by 26 percent to $928mn defying increased competition in the market.

Bermuda's Platinum Underwriters revealed it had significantly pared back premiums written at 1 January renewal as it reported record fourth quarter and full year profits.

The acquisition of Caribbean property insurer Island Heritage boosted the premium income of "Class of 2005" reinsurer Flagstone Re, which rose 91 percent last year, it revealed in its 2007 results.

Aon Corp has bought Chicago neighbour AJ Gallagher & Co's (AJG) reinsurance arm Gallagher Re - in a move first predicted by The Insurance Insider.

US insurer HCC Insurance Holdings Inc's conservative business plan and investment strategy saw it reach a record profit for 2007 while steering clear of sub-prime woes.

The London market has moved a step closer to eliminating paper from premium processing, according to the Market Reform Group (MRG).

The US Court of Appeals has rejected the asbestos settlements reached by US insurer Travelers Cos with policyholders in March 2006.

Ron Sandler will continue as chairman of Bermudian insurer Ironshore Ltd after taking the helm at newly nationalised UK bank, Northern Rock.

US tax authority the Internal Revenue Service (IRS) has withdrawn its proposal to alter tax arrangements for US captive insurers.

A change to the jury last week has caused a delay in reaching a verdict in the trial of Gen Re and American International Group (AIG) executives over an allegedly sham finite reinsurance contract.

Catlin Group Ltd has closed its latest Newton Re cat bond transaction, as reported in our sister publication Trading Risk, with $150mn of 2008-1 Class A principal at risk variable notes affording three years of protection against...

UK general insurer Royal & SunAlliance (R&SA) may update on its plans with its UK legacy exposures while unveiling its 2007 results later this week.

An "extended and inflexible" renewal season for the International Group of P&I clubs (IG) ended with an average 15 percent rate rise, according to broker Aon Corp.

Acquisitive consolidator Giles Insurance Brokers Ltd is being purchased for £185mn by private-equity group Charterhouse Capital Partners, according to reports.

Two of the leading enforcers of Marsh's contingent commissions during the heyday of so-called Placement Service Agreements (PSAs) were found guilty last week of taking part in bid-rigging.

After last year's SFr1.2bn write down of credit swaps, analysts have speculated that Swiss Re could face further losses from sub-prime and credit market exposure ahead of the group’s results due out this Friday.

A scaling back of the Florida Hurricane Catastrophe Fund (FHCF) looks closer after legislation cleared its first hurdle in the state's House of Representatives last Thursday.

French mutual Groupama SA has completed its preparations for an initial public offering (IPO), which would take place if an opportunity to make a major acquisition should arise, it revealed in its 2007 results.

Shares in Canadian conglomerate Fairfax Financial Holdings ended Friday flat despite the firm's record 2007 results with investment income of $1bn driven by credit default swaps (CDS) tied to...

US retail broker Brown & Brown is to formally launch its London market platform, Decus Insurance Brokers Ltd, with a team led by former Gallagher broker Melanie Alexander.

Start-up Lloyd's Syndicate 2008 has completed its first reinsurance to close (RITC) deal with the closure of the notorious 2001 account on XL Insurance syndicates 861 and 588.

Allegations of overseas corruption have again led to arrests of London market insurance brokers.

John Charman, the renowned market veteran, has signed a five year deal to continue as head of Bermuda-based AXIS Capital Holdings Ltd, the company he founded.